Nathan received a $50 gift certificate to a bookstore a year ago. The economy has been in an inflationary period for the last year. This gift certificate is
A. adjusted in terms of the CPI.
B. expressed in real terms and is worth more.
C. not expressed in either real or nominal terms since it is not money.
D. expressed in nominal terms and is worth less.
Answer: D
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Helping the poor is not necessarily the same thing as promoting greater equality
a. True b. False
A map is an example of a model because a map
A) realistically describes an area. B) is always as complex as space will permit. C) is two-dimensional. D) is a simplified representation of reality.
Between 1929 and 2005 in the United States, as measured by the Lorenz curve, income inequality:
a. was greater. b. remain unchanged. c. was less. d. increased sharply.
In the open-economy macroeconomic model, as the exchange rate rises,
a. desired net exports fall, so the quantity of dollars supplied rise. b. desired net exports fall, so the quantity of dollars demanded falls. c. desired net exports rise ,so the quantity of dollars supplied falls. d. desired net exports rise, so the quantity of dollars demanded rises.